ND HB1058

Department of commerce shall administer the Innovation 2020 award program to provide proof-of-concept funding to help move new technology from academia into commercialization.

Applicants must be individuals associated with a North Dakota institution of higher education as a student, employee, or other authorized relationship, and must have an early-stage technology with high commercial potential.

Awards may not exceed $50,000 per recipient, and recipients may receive only one award; recipients must agree to repayment terms equal to two times the award amount.

Department may use equity positions, loans, or other innovative financing mechanisms for repayment, with terms potentially conditioned on the technology becoming income-generating.

$500,000 appropriated from the general fund to the department of commerce for the biennium beginning July 1, 2011, and ending June 30, 2013.